TORONTO, Jan. 16, 2012 /CNW/ - The MFDA announced today that it has issued a Notice of Settlement Hearing regarding the presentation, review and consideration of a proposed settlement agreement by a Hearing Panel of the MFDA's Central Regional Council.
The settlement agreement will be between Staff of the MFDA and Mr. Sakkejha (the "Respondent") and involves matters for which the Respondent may be disciplined by a Hearing Panel pursuant to MFDA By-laws. The proposed settlement agreement concerns allegations that the Respondent:
|a)||obtained and maintained at least 85 pre-signed client account forms in respect of 16 different client accounts and used the forms to process trades in client accounts on at least 25 occasions, contrary to MFDA Rule 2.1.1; and|
|b)||accepted appointments as co-power of attorney, co-trustee for a family trust and executor for clients and, in the case of client BMS, acted as the executor for client BMS's estate:|
|i. contrary to MFDA Rule 2.3.1(a); and|
|ii. contrary to the Member's policies and procedures, thereby interfering with the ability of the Member to supervise the Respondent, contrary to MFDA Rules 1.1.2 and 2.5.1|
The settlement hearing is scheduled to take place on February 8, 2012 commencing at 10:00 a.m. (Eastern) in the MFDA hearing room located at 121 King Street West, Suite 1000, Toronto, Ontario. The hearing will be open to the public, except as may be required for the protection of confidential matters.
The MFDA commenced a disciplinary proceeding against the Respondent by Notice of Hearing dated November 28, 2011 and, as specified in the Notice of Hearing, the first appearance in this matter took place today before the Hearing Panel. At the first appearance, MFDA Staff announced that it would be requesting the issuance of a Notice of Settlement Hearing by the Corporate Secretary's office following the appearance.
The MFDA is the self-regulatory organization for Canadian mutual fund dealers, regulating the operations, standards of practice and business conduct of its 125 Members and their approximately 75,000 Approved Persons with a mandate to protect investors and the public interest.
For further information:
416-943-4672 or firstname.lastname@example.org